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Tips/Guide For Letting Property In Edinburgh

CLEANLINESS

1.Make sure the property is clean and tidy to a professional standard as you will be expecting the same from the tenants when they vacate the property. First impressions count so that when your prospective tenant views the property they will in no doubt be comparing against another property on the the rental market. It’s amazing how many landlords and in some cases letting agents can get this wrong! When it comes to cleaning properties I would always recommend that you instruct a good cleaner/cleaning company which will take away the time and hassle of doing it yourself and allow you to focus on other property related tasks.

INVENTORY

2.Now that your property is professionally cleaned you will need a detailed inventory including the condition of the furnishings, white goods and contents. Again this is a very time consuming task and although its not rocket science it is in my opinion very much an art as well as being very important that all contents of the property are documented correctly and thoroughly. There are now a number extremely good inventory clerks in Edinburgh who offer this service to letting agents in Edinburgh, private landlords and also cover other areas through the Lothians.

FURNISHINGS/DECOR

3.Depending on the style of the property ,rental and who you are targeting the property at e.g professionals, students, couples, corporate lets, the furnishings and decoration should reflect this, however, this does not mean putting in inferior contents or items that you would have normally thrown in the skip. Having quality tenants is paramount to the rental success of your property and you will expect them to respect and look after the property while they are renting it.  It’s best to keep carpets and decoration a neutral colour and any contents/items which have sentimental or are valuable removed from the property. Make sure you also de-clutter the property of any items and create space and easy access. If there are any repairs that need to be carried out make sure this is done e.g faulty taps,cracks in the walls, plumbing and that appliances work. Remember that all furnishings should be fire resistant and meet fire regulations.

LANDLORD REGISTRATION

4.Part 8 of the Anti-social Behaviour etc (Scotland) Act 2004 requires landlords to register (compulsory) the property with their local authority. This is done by registering online and a landlord/agent number issued so that local authority can monitor all landlords to meet minimum standards and in the case of rogue landlords take action against them.

SAFETY CERTIFICATES/CHECKS

5.You will need to get safety certificates such as a gas safety certificate, energy performance certificate (EPC), electrics test, portable appliance test (PAT) and as mentioned earlier that all furnishings meet fire standards. It is also recommended that you provide your tenant with emergency contact details for repairs and written instructions/location of emergency water, gas and electrics switches/taps in case these have to be switched off. Don’t forget smoke alarms preferably hard wired, fire blankets and carbon monoxide detectors. Inform your lender for permission to let, insurance agents and factoring agents that you intend to let your property.

LEASE AGREEMENT

6.The tenant will be required to sign a lease agreement called a short assured tenancy and a special type of notice must be served on the tenant before the creation of a lease agreement called an AT5 form.
The AT5 form informs the tenant that the lease agreement being offered is a short assured tenancy and it is important that this is served properly. If you are in any doubt about this process it is recommended that you seek legal advice or speak to a letting agent.

7. If you are a UK resident you will be required to inform the HMRC that you will be renting your property. However many of the costs incurred for letting out your property may be tax deductible including agents fees. If you are not resident in the UK your agent will be required by law to withhold tax from any rent received on the property. HMRC will issue the landlord with a FICO number/code which they would provide for their agent.

LETTING AGENTS IN EDINBURGH

8.Letting your property is very exciting but can also take up a lot of your time so it is worth considering using a letting agent of which there are now plenty of in Edinburgh. Their management fees will vary but as rough guide can be between 10%-12% per month for full management including property inspections.

There are a lot of flats in Edinburgh and the rental market is extremely competitive amongst the different letting agencies so don’t be afraid to ask them for a good deal to manage and let your property. When considering all the checks ,time and tasks required to let a property we would recommend that you use a good Edinburgh letting agent with a proven track record.If you are thinking of letting your property and would like a free rental valuation please go to www.search4lets.co.uk/property_valuation/

Posted on 19th April 2013 <‐ Back to Listings

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